# Z × Financial Depth Interactions

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| F1: Z + fin_depth → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.020 |
| F2: Z×fin_depth → gross_assets | gross_assets_gdp | 5,296 | 177 | 0.019 |
| F3: High fin_depth Z → gross_assets | gross_assets_gdp | 2,673 | 113 | 0.004 |
| F4: Low fin_depth Z → gross_assets | gross_assets_gdp | 2,623 | 123 | 0.019 |
| F5: Z×fin_depth → portfolio_assets | portfolio_assets_gdp | 5,275 | 177 | 0.014 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| F1: Z + fin_depth → gross_assets | Z_1 | -1396.6686 | 591.5035 | 0.0183 | ** |
| F1: Z + fin_depth → gross_assets | Z_2 | 236.1027 | 88.3718 | 0.0076 | *** |
| F1: Z + fin_depth → gross_assets | Z_3 | -10.0611 | 3.6423 | 0.0058 | *** |
| F1: Z + fin_depth → gross_assets | financial_depth | 1.8728 | 3.1238 | 0.5488 |  |
| F2: Z×fin_depth → gross_assets | Z_1 | -1396.5613 | 607.4182 | 0.0215 | ** |
| F2: Z×fin_depth → gross_assets | Z_2 | 237.0844 | 91.1590 | 0.0093 | *** |
| F2: Z×fin_depth → gross_assets | Z_3 | -10.1461 | 3.7668 | 0.0071 | *** |
| F2: Z×fin_depth → gross_assets | financial_depth | 5.4198 | 5.2174 | 0.2989 |  |
| F2: Z×fin_depth → gross_assets | Z_1_x_findepth | -38.3716 | 254.1336 | 0.8800 |  |
| F2: Z×fin_depth → gross_assets | Z_2_x_findepth | 3.9799 | 38.6636 | 0.9180 |  |
| F2: Z×fin_depth → gross_assets | Z_3_x_findepth | -0.0869 | 1.5913 | 0.9564 |  |
| F3: High fin_depth Z → gross_assets | Z_1 | -2097.7786 | 998.8664 | 0.0358 | ** |
| F3: High fin_depth Z → gross_assets | Z_2 | 343.2320 | 146.3285 | 0.0191 | ** |
| F3: High fin_depth Z → gross_assets | Z_3 | -14.3858 | 5.9694 | 0.0160 | ** |
| F4: Low fin_depth Z → gross_assets | Z_1 | -374.2213 | 518.0928 | 0.4702 |  |
| F4: Low fin_depth Z → gross_assets | Z_2 | 72.7529 | 79.0729 | 0.3576 |  |
| F4: Low fin_depth Z → gross_assets | Z_3 | -3.3427 | 3.2866 | 0.3092 |  |
| F5: Z×fin_depth → portfolio_assets | Z_1 | -1281.8724 | 385.0804 | 0.0009 | *** |
| F5: Z×fin_depth → portfolio_assets | Z_2 | 207.3113 | 57.7782 | 0.0003 | *** |
| F5: Z×fin_depth → portfolio_assets | Z_3 | -8.6747 | 2.3872 | 0.0003 | *** |
| F5: Z×fin_depth → portfolio_assets | financial_depth | 4.4946 | 3.3039 | 0.1738 |  |
| F5: Z×fin_depth → portfolio_assets | Z_1_x_findepth | -107.0116 | 160.9625 | 0.5062 |  |
| F5: Z×fin_depth → portfolio_assets | Z_2_x_findepth | 16.2690 | 24.4879 | 0.5065 |  |
| F5: Z×fin_depth → portfolio_assets | Z_3_x_findepth | -0.6481 | 1.0078 | 0.5202 |  |

*Financial depth proxied by KAOPEN (capital account openness). Interactions test whether deeper financial markets moderate demographic home bias.*